HSBC might move jobs to France over Brexit

While HSBC are keeping their HQ in London, this doesn't mean they're not looking elsewhere in the world. They've said that around a thousand jobs could be moved to Paris is Britain votes to leave the EU, according to the chief exec of the bank.

Stuart Gulliver, the aforementioned HSBC's chief executive, said the imminent referendum on the Brexit (rubbish nickname that) could see them moving jobs away: "If the UK leaves the EU it could have a significant impact on our non-ring-fenced bank - our trading room, corporate banking and investment banking - although it would not have an impact on our holding company domicile."

"In that situation a number of jobs would leave the UK."

"We have 5,000 people in global banking and markets [HSBC's investment bank] in London and I could imagine that around 20% of those would move to Paris."

So, basically, the government who have been claiming victories over their policies, aren't out of the woods, as a lot of large companies are still showing how unhappy they are with any potential exiting of Europe.

HSBC are clearly saying that these members of their staff will stay in the UK, provided the UK stays in the EU, even if the British government decide to allow financial institutions to do their business via the 'passporting' regime, which lets member states to trade seamlessly across European borders.

So, keeping the HQ in London means 350 members of staff will be staying in the country, but this new titbit from the HSBC honcho would see a larger number than that disappearing.

Other banks are currently weighing their options up about this, making the whole conversation very messy indeed.

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4 comments

Bonobo

A cynic might think that HSBC going in for a bit of scaremongering was quid pro quo for the government "helping" the bank's decision yesterday to stay in the UK by facilitating a tasty tax deal.

load of rubbish,Govt inspired propaganda, there is no way they are going to leave the golden triangle, where else in the E.U. would they get away with the shananagins they have gotten away with here, its all smoke and mirrors isnt it George ?.